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Exploration Agreement

Colorado Exploration Agreement

Name: Colorado Exploration Agreement
Brand: US Legal Forms
Rating: 4.68 (392 reviews)

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

Control #:

US-OG-215

Format:

Instant download

Description

This form is used when two parties are interested in conducting joint exploration operations, including the drilling of exploratory or development wells, for the discovery of and for the production of oil and/or gas in a stated area.

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FAQ

A contract consists of an offer and an acceptance of that offer, and must be supported by consideration. If any one of these three elements is missing, there is no contract.

Contracts are mainly governed by state statutory and common (judge-made) law and private law (i.e. the private agreement). Private law principally includes the terms of the agreement between the parties who are exchanging promises. This private law may override many of the rules otherwise established by state law.

In a dispute, the question of whether a contract is ambiguous is a question of law and must be decided by the court. There are two approaches to determining contract ambiguity: Textualism: The court will only consider the plain meanings of the words used in the agreement, as a whole, to determine ambiguity.

53.2 Contract Formation Although it has countless wrinkles and nuances, contract law asks two principal questions: did the parties create a valid, enforceable contract? What remedies are available when one party breaks the contract?

The elements of common-law contract formation include offer, acceptance, and consideration. Offer and acceptance together form mutual assent. Additionally, to be enforceable, the contract must be for a legal purpose and parties to the contract must have capacity to enter into the contract.

For the formation of a contract the process of proposal or offer by one party and the acceptance thereof by the other is necessary. This generally involves the process of negotiation where the parties apply their minds make offer and acceptance and create a contract.

Colorado Exploration Agreement

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